https://www.taxtmi.com/caselaws?id=364096 The Special Bench, after rephrasing the question on the entitlement of depreciation on goodwill under section 32 of the Income Tax Act, ruled in favor of the assessee. It held that genuine goodwill qualifies for depreciation under section 32(1), including unspecified intangible assets acquired after April 1, 1998. The AO's disallowance of depreciation on goodwill was overturned based on legal precedent, emphasizing that goodwill falls under the specified intangible assets eligible for depreciation. The issue of the transfer of goodwill in cases of succession was referred back to the Division Bench for further consideration. en-us Thu, 19 Jul 2018 00:00:00 +0530 Mon, 23 Jul 2018 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364096 The Special Bench, after rephrasing the question on the entitlement of depreciation on goodwill under section 32 of the Income Tax Act, ruled in favor of the assessee. It held that genuine goodwill qualifies for depreciation under section 32(1), including unspecified intangible assets acquired after April 1, 1998. The AO's disallowance of depreciation on goodwill was overturned based on legal precedent, emphasizing that goodwill falls under the specified intangible assets eligible for depreciation. The issue of the transfer of goodwill in cases of succession was referred back to the Division Bench for further consideration. Case-Laws Income Tax Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364096